Seoul's iconic Eunma Apartments clears key reconstruction hurdle, targeting 2028 groundbreaking

The reconstruction project for Eunma Apartments in Daechi-dong, Gangnam-gu, Seoul has received implementation plan approval, about seven months after the revised redevelopment plan was officially announced. The Seoul Metropolitan Government said it plans to manage the remaining procedures with a target groundbreaking in 2028.

Seoul city officials announced Wednesday that the implementation plan approval was completed roughly seven months after the revised redevelopment plan notice was issued.

The Eunma reconstruction is the first project processed under "Rapid Integrated Planning Season 2," a streamlined permitting framework with enhanced progress management. The city said the approval came about one year faster than the standard processing timeline for each phase of a redevelopment project.

Eunma Apartments is widely regarded as one of the most prominent aging residential complexes in the Gangnam area. Completed in 1979, the complex is now 46 years old, and calls for redevelopment to improve living conditions and ensure structural safety have been raised consistently over the years.

The complex originally comprised 4,424 units — 2,674 with an exclusive use area of 76 square meters and 1,750 at 84 square meters. At the time of pre-sale, the 76-square-meter units were priced at 20 million won ($12,900) and the 84-square-meter units at 23 million won, translating to roughly 680,000 won per 3.3 square meters.

According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system, the 84-square-meter unit set a record high when it sold for 4.31 billion won on Oct. 31 last year. More recently, a unit changed hands for 3.77 billion won in June, with transactions generally taking place in the upper 3 billion won range. The 76-square-meter unit sold for 3.8 billion won on Nov. 6 last year before trading at 3.4 billion won in June.

Eunma Apartments launched a reconstruction preparatory committee in 1996, established a union promotion committee in 2003, and received union establishment approval in 2023 — a process spanning roughly 30 years. In 2015, plans to rebuild the complex at up to 49 stories were derailed when the city introduced a 35-story height cap.

The 35-story limit was lifted in 2022, and the project regained momentum in November last year when a revised redevelopment plan cleared a review committee. After passing an integrated redevelopment review in February and completing consultations with relevant agencies and a public notice period, the project has now received implementation plan approval.

Under the approved implementation plan, Eunma Apartments will be rebuilt on a 243,552.6-square-meter site into a complex of 29 residential buildings ranging from six basement levels to 49 above-ground floors, comprising 5,850 units.

The plan includes 909 public rental units and 195 public pre-sale units. Parks, a public parking lot, an open-access library and other community amenity facilities will also be developed for residents.

The Eunma reconstruction is the first private redevelopment project to receive a transit-oriented area floor area ratio bonus. The city said it intends to pursue both housing supply and public benefit in the area through the provision of public pre-sale housing and the development of public contribution facilities.

A stormwater retention tank will also be installed as a flood-prevention measure. The city plans to expand public contribution and infrastructure facilities during the reconstruction process to improve the living environment both inside and outside the complex.

The project will proceed through the remaining steps — including management and disposal plan approval, resident relocation and demolition — with a target groundbreaking in 2028.

The Seoul Metropolitan Government has designated Eunma Apartments a key housing supply priority project and plans to closely oversee the remaining stages. Gangnam-gu has also formed a dedicated task force under the direct authority of the district mayor to support administrative processing and conflict prevention.

"The implementation plan approval for Eunma Apartments, a symbol of Gangnam-area reconstruction, will serve as a leading example of how reconstruction can be carried out swiftly," said Choi Jin-seok, head of the Seoul Metropolitan Government's housing bureau. "The city will do its utmost to stabilize the housing market by removing obstacles to housing supply."